Author Topic: Visual savings motivation?  (Read 2824 times)

ETBen

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Visual savings motivation?
« on: November 07, 2016, 07:29:46 PM »
I really need some sort of visual motivation or feedback to keep me going.  Or another method you've found helpful.  This past year and a half has been about saving for specific goals. Now I'm all set to just save. Vanguard index funds. I'm already maxing my 401k and HSA. I worry that if I don't stay focused I'll blow it. I think once I maximize my savings for a few months, it will be second nature. I'm aiming to double what I've saved monthly during the past year. It's a push goal for sure but totally doable.

Dezrah

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Re: Visual savings motivation?
« Reply #1 on: November 08, 2016, 07:12:19 AM »
I'd recommend net worth charts.  You can make your own spreadsheets or just use Mint if you're lazy like me.  Mint also has goal tracking features.  Lots of ways to visually arrange your numbers in a way that will scratch that itch to motivate you.


lthenderson

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Re: Visual savings motivation?
« Reply #2 on: November 08, 2016, 07:49:19 AM »
I second tracking your net worth and creating a graph or something visual to go along. I have a spreadsheet where I track my net worth on a monthly basis. I also have another section where I used to track how many more months at my current rate do I have to go before I can retire early. I don't complete that section anymore since I no longer work anymore but I still track my net worth.

Spork

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Re: Visual savings motivation?
« Reply #3 on: November 08, 2016, 07:56:05 AM »
I third the idea.  If you're visual... graphs are very useful.

scantee

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Re: Visual savings motivation?
« Reply #4 on: November 08, 2016, 08:13:39 AM »
Fourthing net worth tracking and visualization. I've been tracking my net worth on a monthly basis for ten years and it's a huge motivator to be able to see how far I've come and how quickly my progress has accelerated in the past year. Personal net worth data that span several years are also a comfort in downturn markets because it provides affirmation that I weathered similar or worse drops in the past and yet always saw improvement over the long-term.

hoping2retire35

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Re: Visual savings motivation?
« Reply #5 on: November 08, 2016, 08:30:39 AM »
Graphs, or whatever you need.

Pick an amount you can save in 3-6 months. Go for that. Maybe begin in 3 month increments. once you can consistently go through that, move up to 6 month ones.

ETBen

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Re: Visual savings motivation?
« Reply #6 on: November 08, 2016, 09:44:18 AM »
I forgot about Mint's goals feature. I switched to YNAB but it doesn't do investing well. I think I need a global graph like Mint and smaller yearly or maybe half yearly bar graph on my own.

arebelspy

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Re: Visual savings motivation?
« Reply #7 on: November 19, 2016, 11:43:24 PM »
We also did a paperclip chain countdown to FIRE, removing one paperclip every month.  Pretty awesome to see it going from stretching from midway up the wall to the floor at first until it got shorter and shorter and we FIRE'd.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Metric Mouse

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Re: Visual savings motivation?
« Reply #8 on: November 20, 2016, 04:47:36 AM »
I third the idea.  If you're visual... graphs are very useful.

I like the Vanguard graphs. You can even manually add in other accounts to their numbers for a more accurate networth picture, if one were so inclined. They're not super informative, but are easy to use and already set up.  Fits my level of motivation (zero) very well.

FrugalFisherman10

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Re: Visual savings motivation?
« Reply #9 on: November 21, 2016, 07:12:47 AM »
Madfientist's Laboratory is a good one. You give him your email to get access to the Laboratory, and then input numbers.
After Importing all your accounts to either of them, Personal  Capital or Mint will show you a 'look back" for your numbers. Just be careful with either, as they're classification system are often lack luster, to say the least.

In particular,  with Personal capital : Retirement contributions to 401k and IRAs are NOT included in the Income or Savings numbers you see on the 'dashboard' overview on Personal capital.

For me, this year for example, I have about 17k in income/savings than personal capital shows (income that I saved pre-tax from my paycheck straight to 401k etc.).
This is insane that their software doesn't pick that up correctly, but that is a different thread. I have contacted them extensively about it.

Use madfientist's  graph though! It's helpful!

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